The debate over Scotland's future within the UK entered a new phase today, with the publication of two major reports about the impact of independence.

Economic experts at the Fiscal Commission Working Group - set up by Scottish First Minister Alex Salmond - argued that keeping the pound in the event of a yes vote in 2014 would be both 'sensible' and an attractive choice for the rest of the UK.

The group was established to provide advice on the economic challenges and opportunities the country would face after independence.

Its first report, published by the
Scottish Government, stated: 'On day one of independence, the members of
the Working Group agree that retaining sterling would be a sensible
currency choice that would be attractive both to Scotland and the UK.'

Economic experts at the Fiscal Commission Working Group argued that keeping the pound in the event of a yes vote in 2014 would be an attractive choice for the rest of the UK. Above, David Cameron and Scotland's First Minister Alex Salmond, sign a referendum agreement during a meeting in Edinburgh last October

But Crawford Beveridge, the chair of the Fiscal Commission, said more talks were needed, as 'nobody has agreed to anything yet'.

Meanwhile, a report by legal experts at Westminster - made public at the same time as FCWG's - warned Scotland would not continue to hold the same rights and powers in the event of independence.

The UK Government published work by James Crawford, Whewell Professor of International Law at the University of Cambridge, and Alan Boyle, Professor of Public International Law at the University of Edinburgh.

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They argued the most likely outcome of a vote for independence would be the rest of the UK would retain its current international status, while a new state of Scotland would also be created.

The Scottish Government's claim that Scotland would remain a member of existing international organisations such as the United Nations, the International Monetary Fund and, crucially, the European Union 'can be dismissed as, at best, inconclusive', according to the expert analysis.

Scottish Secretary Michael Moore also said that, while an independent Scotland would not inherit the UK's existing rights under international treaties, it would inherit a share of the UK national debt.

'We would need to have an equitable distribution of the liabilities,' the UK Government minister stated.

FCWG was established by Alex Salmond (above) to provide advice on the economic challenges and opportunities the country would face after independence

Mr Moore stressed: 'Personally, I think the best deal for Scotland is that we stay in the UK, and therefore I will be arguing very strongly for that in the next 18 months.'

She added: 'A legal opinion is just that - there are opinions from other legal experts that say the opposite that Scotland would be a co-equal successor state. International law is not settled - the reality is these matters would be settled by negotiations.'

In its report the FCWG - which includes Nobel prize-winning economists Professor Joseph Stiglitz and Professor Sir James Mirrlees - concluded independence would 'provide Scotland with the opportunity to capture and deliver faster sustainable economic growth'.

Mr Beveridge also insisted: 'Scotland has the clear potential to be a successful independent nation.'

Scottish Labour deputy leader Anas Sarwar welcomed 'this new phase in the debate about Scotland's future as we move from assertion and spin to evidence and fact'.

He added: 'The analysis produced by the UK Government highlights the strong ties that bind Scotland to the United Kingdom and the positive ways in which we work together in the interests of all the people of these islands. It makes it clear that severing these links and going it alone would be a bad deal for Scotland.

'The publication of both these reports brings a real focus to the stark choice that face the people of Scotland.'

Scottish Tory leader Ruth Davidson said the UK Government report 'shatters the myth peddled by Alex Salmond that independence would be a smooth process without any major upheaval for the people of Scotland'.

She claimed: 'The onus is now on the SNP and others wanting to take Scotland out of the UK to set out the evidence and facts to support their position.'

He hit out: 'Between John Swinney's promise that there would be no increases in personal tax and the SNP's suggestion that they will spend billions of pounds more on public services, it doesn't take a Nobel prize winning economist to note there is a substantial black hole in the SNP's independence economic plans.'